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Advancing Entrepreneurship Through Diplomacy

This week, I'm honored to be leading the U.S. delegation to the Global Entrepreneurship Summit in Dubai to connect with inspiring entrepreneurs from around the world. From our earliest days, entrepreneurs have kept America vital and resilient. They are part of our national story and one of our great national strengths.

Our focus on entrepreneurship taps into values we share with people around the world. Entrepreneurs crave space for creativity and possibility. And entrepreneurship thrives in places where what you know matters more than who you know. These aren't just economic ideals; they are political ideals that reflect universal values.

Promoting entrepreneurship plays to America's strengths. America is a place where anyone with a good idea can start a small business and see it succeed. Our entrepreneurship is admired around the world. In my travels, I get asked all the time: how do we create the next Silicon Valley in our country?

Many of the world's problems can only be solved through innovation -- innovation which can, and will, be driven by entrepreneurs from around the world. From clean energy to the supply chain needed to deliver medicines into rural Africa, these challenges need not just resources, but new ideas. Bringing innovative people together helps us bridge divides and build richer, stronger ties across borders.

For all these reasons, our diplomats are advancing entrepreneurship and engaging with entrepreneurs. But entrepreneurs should also be concerned with diplomacy. Entrepreneurs can't always go it alone. They need open, free, and fair regulatory systems and policy environments that favor risk-taking. They need an operating environment that makes it easy to start a business and get financing. They need legal certainty to increase investor confidence. And they need an understanding that failure is just part of the experience, not the end of a career.

American diplomats promote these conditions around the world every day in our work with foreign governments. We support entrepreneurship when we fight to prevent favoritism for state-owned companies, when we prevent piracy of intellectual property, and when we battle corruption. Hundreds of economic officers stationed at U.S. embassies and consulates around the world work every day to support entrepreneurs. It's what we call Economic Statecraft.

We are innovating how we conduct our diplomacy, using new tools to promote entrepreneurship around the world. We've sponsored countless delegations of entrepreneurs, technologists, and venture capitalists to connect investors with projects. We've launched business competitions that have sparked creativity, and spotlighted people who are making a difference. This is not traditional diplomacy -- and I think that's a good thing.

As Secretary Clinton has said, "Talent is universal; but unfortunately, opportunity is not." Entrepreneurship is one of our best tools to create opportunities. Consider this -- just to maintain the current rates of unemployment (which are already too high), the Middle East will need to create 50 to 100 million jobs by 2020. We can't get there without unleashing the power of entrepreneurship. That's why conferences like the Global Entrepreneurship Summit are so important -- they give us the chance to exchange ideas, build networks, and send a simple message: entrepreneurship is important and we are here to help.

Thanks for the great article.There are many things I have flat know from your posts. Thank you very much.

Regards.

palgye

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South Korea

December 12, 2012

Palgye in South Korea writes:

Cairo need help

now

i agrees spin doctor is Sec Hillary Clinton

but

also

Mr President Barack Obama started Orange revolution.

Judith P.

December 12, 2012

Judith P. writes:

Thomas, thanks for this great post on the value of entrepreneurs. As you said, many of the world’s problems can be solved through the innovation that entrepreneurs throughout the world are leading. The Overseas Private Investment Corporation (OPIC)helps provide entrepreneurs the tools they need to innovate and create successful businesses in their countries. For example, OPIC provided $250,000 to a Kenyan microfinance institution to help expand its mobile phone payment service. This service allows entrepreneurs access to microfinance institutions that they previously may not have gotten due to a lack of physical infrastructure. You can read more about OPIC’s work in Kenya here: opic.gov/blog/opic-in-action/opic-monitoring-trip-to-kenya.

ever17

December 12, 2012

W.W. writes:

Dubai an example for the united states then - build build build without muslim community but with just community made of american -

don't ask don't tell for religion people must be united through work

Henry

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United States

December 13, 2012

Henry in the U.S.A. writes:

Entrepreneurs depend upon sovereign governments to build the basic energy, water, communications, transportation and finance infrastructure, without which no entrepreneur can get a business off the ground. Present US policy discourages that kind of development, creating an environment where small and medium-sized entrepreneurs quickly become the prey of financial speculators and big monopolies.